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Chainlink has recovered the $7.4 support as the price continues to recover.
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Anticipated Chainlink staking could boost the price.
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LINK aims for $9.4 if the current momentum remains in place.
After remaining largely bearish in the past seven days, Chainlink’s LINK/USD is turning bullish. More-than-expected inflation on Tuesday pushed the token down to $7.03. The level was below key support of $7.4, eliciting fears that LINK was heading to its previous lows.
Bulls seem to have now arrested the decline in Chainlink. The token trades at around $7.6, above the key support with momentum building up. As of press time, the price of LINK was up 2.16% in the last 24 hours. The price defies the overall crypto sentiment since most tokens had dipped in the same period.
Chainlink has witnessed limited developments lately. However, Chainlink Staking, expected later in the year, has proved to be a price driver for the native token. There are also plans to grow the oracle network of Chainlink and improve security via a new token-staking ecosystem.
Chainlink forms a bullish pin bar at support
Source – TradingView
Technically, LINK has initiated a recovery at the $7.4 support. The level coincides with a short-term ascending trendline and support zone. The token has formed a bullish pin bar at the support, informing an upside bias for the cryptocurrency.
The MACD indicator remains in the bullish zone. LINK is also pushing above the 50-day moving average. The token is a buy if the $7.4 continues to hold. The next level is $8.2 and, potentially, $9.4.
Summary
Chainlink token has a bullish bias based on technical indicators. The pin bar suggests that bulls rejected a decline below $7.4. If the price sustains the momentum, the next level is $8.4.